Electromagnetic forming (EMF), a technology with advantages of contact-free force and high energy density, generally aims at forming parts by using a fixed coil and one-time discharge. In this study, multi-stage EMF is introduced to form a panel with stiffened grid ribs. The forming rules of the stiffened panel is revealed via analyzing the distribution and evolution of the simulated stress and strain in the ribs and web, where the grid-rib panels were decomposed as the flat panel and two panels with uni-directional ribs (ribs only in X direction or Y direction). It is shown that the forming depth is mainly attributed to the forces on the web, although electromagnetic force is applied on both the ribs and the web, especially, large force on the ribs. The ribs are subjected to uniaxial stress parallel to their directions, and the web is subjected to plane stress in the deformation region. Furthermore, the change of the uniaxial stress characteristic in the X-direction ribs is influenced by the electromagnetic force, reverse bend and inertial effect. The plastic deformation mainly occurs in the Y-direction ribs of the deformation region under a three-direction strain state.